Duties and powers of the President.
Section 10
SEC. 10. Duties and powers of the President.—The President of the Bank shall among others execute and administer the policies, measures, orders and resolutu approved by the Board of Directors and direct and vise the operations and administration of the Bank. Particularly, he shall have the power and. duty: To make loans on commercial paper for periods time not to exceed four months in sums not exceeding fifty thousand pesos to any one person, company, corporation or firm, but he is required to submit a report on i such loan to the Board of Directors at its next succeeding session. To make, with the advice and consent of the Board of Directors, all contracts on behalf of the said Bank and to enter into all necessary obligations by this Act required or permitted. To report weekly to the Board of Directors the main facts concerning the operations of the Bank during the preceding week and to suggest changes in rates of discount, exchange, or of policy which may to him seem best. To furnish, upon request of the Secretary of Finance or the President of the Philippines, any information in his possession regarding the operations of said Bank. LEGAL COUNSEL